Charlotte-Area BTR Changes Hands

Poplin Trace, a townhome property in the Charlotte suburb of Indian Trail, N.C., has been sold by Arizona-based Belleview to an undisclosed buyer. Berkadia arranged the transaction on behalf of the seller. Poplin Trace stood at 93 percent occupancy at the time of the transaction’s consummation.

“There were no major challenges in our sales effort on Poplin Trace,” Caleb Troop, Berkadia managing director, told Multi-Housing News. “However, Union County is in a tax re-assessment year, meaning all property is being revalued. The demand for assets like Poplin Trace in the Charlotte market is incredibly strong, as renter demand for product different from the typical apartment style unit continues to increase.”

Well-situated

Located at 857 Tyler Matthew Lane, Poplin Trace is a 99-unit, two-story townhome property spread across 37 buildings on a 20-acre site. The community was completed in 2023. Two and three-bedroom residences measuring from 1,604 to 2,126 square feet are featured.

Known for its affordability, Indian Trail is a municipality 16 miles southeast of Charlotte. Poplin Trace offers its residents convenient access to major highways that include U.S. 74, I-485 and U.S. 601. Residents can reach four colleges and universities in drives of from 13 to 30 minutes from the property. The Charlotte Amtrak station is located less than 20 miles or about 28 minutes’ drive time from Poplin Trace. The Charlotte-Douglas International Airport is a 27-mile drive away. Shopping is available at Lake Park Town Center and Union Town Centre, both five to six minutes distant. A Charlotte Multifamily Report found occupancies increasing despite a wave of deliveries and record apartment supply in the market.